Compare Doctor Loans and Mortgages for Physicians and Dentists

Physicians, dentists and other eligible medical professionals have access to some exclusive financial products given the unique financial situation of many in the profession. One of these products are physician mortgages, also known as doctor loans, which require little to no money down and no personal mortgage insurance (PMI) to secure a jumbo mortgage loan. Many regional and national banks have departments dedicated to serving medical professionals and doctor loans - check out the comparisons below on some of the lenders that offer mortgages exclusively for physicians, dentists and other medical professionals.

The Doctor Loan Program from University Federal Credit Union is available to MD’s, DO’s, DDS’s and DMD’s in both training and practice. Residents and fellows are eligible for loan amounts up to $424,000 with no downpayment and can obtain up to $1.5 million in financing with 10% down.

The Doctor Loan Program from SunTrust Mortgage is available to MD’s, DO’s, DDS’s and DMD’s that are currently in residency, and practicing professionals that have completed their training within the last 10 years. Residents and fellows are eligible for loan amounts up to $750,000 with no downpayment* while those within ten years of residency completion are eligible for loan amounts up to $1,000,000 with 5% down*, or $1,500,000 with 10.01% down*.

*Borrowers should note that 100% mortgage financing will result in no property equity until such time as the loan principal is paid down through regular mortgage payments and/or the property value appreciates. Additionally, if property values decline you could owe more than your property’s value. A down payment may be required if the property is located in a declining market or if required by state regulations. Additional down payment may be required if property is in a declining market or if required by state regulations.

The Physician Mortgage Loan Program from Flagstar Bank is available to medical residents (Educational License), medical doctors (MD), doctors of dental sciences (DDS), doctors of dental medicine or surgeon (DMD), doctors of optometry (OD), doctors of ophthalmology (MD), doctors of podiatric medicine (DPM), doctors of osteopathy (DO) and doctors of veterinary medicine (DVM). The program offers 0% financing up to $850,000, 5% down up to $1 million and 10% down up to $1.5 million. The mortgage loan program is available in all 50 states for both new purchases and refinancing existing mortgage loans. Non-occupant co-borrowers are allowed. Product available only on 5-1 and 7-1 adjustable rate mortgages.

The Doctor Loan Program from Cadence Bank is available to MD’s, DO’s, DDS’s, DMD’s, DPMs, ODs and PHARMDs that are currently in training as well as practicing professionals. Cadence's "Early Professional" 100% loan program allows up to $1 million with no mortgage insurance for eligible specialties in training and those practicing for no more than 5 years.Cadence also offers a "One-Time Close" construction loan up to 80% Loan-To-Value on 10/1 ARM, 15 Year Fixed, and 30 year Fixed Rate loan programs up to $2 million.

Fifth Third is a national bank that offers two physician mortgage programs depending on the stage of your career. Their new doctor loan program covers MDs, DOs and DPMs in residency or fellowship and practicing doctors that completed residency within the last 12 months. Under this program, physicians can borrow up to $500k with no down payment or up to $1 million with only 5% downpayment, both options with no PMI required. For more established physicians that have been practicing for longer than 12 months (or 24 months if self employed), Fifth Third will lend up to $650,000 with no downpayment or up to $1.5 million with a 15%downpayment, again with no PMI required. Fixed and Adjustable Rate options are available for all products.

Citizens Bank offers a doctor loan program for MDs, DOs, DMDs and DDSs, both practicing and in training. Borrowers can obtain up to $850,000 in financing for a home purchase with 5% down. Citizens Bank is also the only lender that offers 98% no PMI Construction loans up to $2 million for physicians.

The physician mortgage program offered by BBVA Compass is available in 16 states to MDs, DOs, DDSs and DMDs with a minimum FICO score of 700. Borrowers can choose between 15 and 30 year fixed rate loans and 5 and 7 year adjustable rate mortgages.

Fulton Mortgage Company offers 100% financing for loans up to $1.5 million for MDs, DOs, DDSs, DMDs, PHARMDs and DVMs with a credit score of 700 or higher. Borrowers can purchase up to 60 days in advance of their employment contract start date. Mortgages available include 30 and 15 year fixed rate and 3/1, 5/1, 7/1 and 10/1 ARM. Eligible medical professionals must not be out of training for more than 10 years unless relocating, in which the 10 year rule does not apply. No reserves are required by Fulton Mortgage Company to close.

Delaware, District of Columbia, Maryland, New Jersey, Pennsylvania, Virginia

Horizon Bank offers a doctor loan program for physicians, dentists and optometrists in Indiana, Illinois and Michigan that are within 90 days of their contract start date. Borrowers can obtain up to $750,000 with 0% down and up to $1.5 million with no PMI based on credit score. A payroll deposit is required with an auto-debit from a Horizon bank account.

Huntington Bank offers a doctor loan program for MDs, DOs, DMDs and DDSs, both practicing and in training. For those practicing, borrowers can obtain up to $1 million with 11% down and $850,000 with only 5% down. This amount is reduced to $650,000 for residents and fellows. Mortgage loans above $1 million are available to practicing physicians but are approved on a case-by-case basis.

Regions offers their physician mortgage product in 15 states and is available for residents, fellows and practicing physicians with no restriction regarding the number of years in practice, which is unique relative to other lenders. Like most doctor loan programs, borrowers can close on a new home up to 60 days prior to the start of their employment. Eligible medical professionals include MDs, DOs and DDSs.

This Jumbo Loan Program is from a nationally recognized lender and is available for both purchasing new homes and refinancing existing homes. The minimum loan amount is $636,151 and the program allows doctors to obtain up to $2.5 million. The following medical degrees are eligible for this program: MD, DO, DDS, DMD, OD, PHARMD, DVM. There is no mortgage insurance and the lender can close up to 60 days prior to starting a new job. Note that 12 months reserved are required to close.

BankSNB offers a doctor loan mortgage program for physicians and dentists. Under this program, doctors can borrow up to $417k with no down payment and as much as $3 million with 20% downpayment. Fixed and Adjustable Rate interest options are available for all products and BankSNB lends in Texas, Colorado, Oklahoma and Kansas.

Colorado, Kansas, Oklahoma, Texas

Current Physician Mortgage Loan Rates

The combination of weak inflation data and threats between the U.S. and North Korea caused investors to buy up U.S. Treasuries last week. When that happens, Treasury yields decline, and that typically results in lower mortgage rates.

According to the August 10 Freddie Mac Primary Mortgage Market Survey, the average rate on a 30-year fixed mortgage stayed below 4 percent for the fourth week in a row while rates on 15-year loans held steady.

The average rate on a 30-year fixed mortgage was 3.90 percent, down slightly from 3.93 average the week before. After briefly rising above 4 percent in mid July, 30-year rates have been below that mark ever since. At this time last year, the average 30-year fixed rate was 3.45 percent.

Rates on 15-year fixed mortgages averaged 3.18 percent for the second week in a row. A year ago, the rate averaged 2.76 percent.

The average rate on 5-year Treasury-indexed adjustable rate mortgages (ARM) was 3.14 percent, a slight decrease from the previous week’s 3.15 percent, but up from 2.74 percent the year prior.

All three mortgage categories carried an average of 0.5 points for the week. Mortgage points, also known as discount points, are fees a borrower pays to the lender at closing in exchange for a reduced interest rate. A point costs 1 percent of the amount borrowed, i.e. $1,000 for every $100,000 of your mortgage.

Recent articles about Doctor Loans and Physician Mortgages

Trying to learn more about these doctor mortgage loans? Check out these recent articles!

Whether you’ve just completed your residency or been in practice for several years, if you’re in the market for a home, you may instantly gravitate to a 30-year mortgage. Doing so enables doctors to stretch out a very large debt over the maximum number of years, which...

Little changes in mortgage loan rates over the past week Mortgage rates moved very little in the past week as the average interest rate on a 30-year fixed mortgage remained below 4 percent for the third week in a row. According to the August Freddie Mac Primary...

Mortgage rates fall for a second straight week Average mortgage interest rates fell slightly for the second week in a row, according to the latest Freddie Mac Primary Mortgage Market Survey. The average rate on a 30-year fixed mortgage last week was 3.92 percent, down...

Physician Mortgage Loan & Doctor Loan FAQs

Physician mortgage loans, also known as doctor loans, are different than traditional mortgages in that they are exclusively offered to medical professionals and require little to no money down and no personal mortgage insurance (PMI). Lenders are willing to offer these products early in a physician's career as they know that the possibility of default is relatively low among medical professionals.

Interest rates for physician loans vary by lender but are typically higher than what you would see from a conventional mortgage with a higher down payment. However, physician loans don't require PMI whereas conventional mortgages with a down payment less than 20% will require you to obtain PMI.

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LeverageRx is a digital lending and insurance marketplace exclusively for doctors. We make it incredibly simple to compare rates on financial services including student loan refinancing, personal loans, long term disability insurance, life insurance and exclusive mortgage programs for doctors.